Seagate Technology plc (NASDAQ: STX) saw its shares fall back first thing Thursday, a day after reporting financial results for its fiscal third quarter.
The company out of Cupertino, Calif., generated $390 million in cash flow from operations and $260 million in free cash flow during the fiscal third quarter 2020. Seagate maintained a healthy balance sheet and during the fiscal third quarter 2020, the company paid cash dividends of $170 million and repurchased four million ordinary shares for $195 million.
Cash and cash equivalents totaled $1.6 billion at the end of the quarter. There were 257 million ordinary shares issued and outstanding as of the end of the quarter.
Seagate also achieved revenue of $2.72 billion; reported GAAP operating margin of 13.8%; non-GAAP operating margin of 15.5%. It also delivered GAAP diluted earnings per share (EPS) of $1.22; non-GAAP diluted EPS of $1.38. Generated $390 million in operating cash flow and $260 million in free cash flow
Said CEO Dave Mosley, "Seagate executed very well in the third quarter while navigating the unprecedented challenges brought on by the COVID-19 pandemic. Our teams worked tirelessly to safeguard the health of their colleagues, support customer demand, and execute our product roadmap.
"In this challenging environment, we achieved strong financial performance, delivering revenue and non-GAAP EPS that were above our guidance midpoint and continuing to generate solid free cash flow."
Shares faltered $1.97, or 3.9%, to $48.77.
